Here is the big picture of the day based on top stories from several leading newspapers (WSJ, Reuters, Bloomberg, NYTimes, Financial Times). These are in no perticular order.
- U.S. Economy Loses 533,000 Jobs. The job losses far exceeded expectations, as November saw the 11th consecutive monthly decline in nonfarm payrolls and the largest since 1974.
- The debate over how to rescue the domestic auto industry continued in Congress as leaders of the Big Three made a last-ditch plea for a $34 billion bailout.
- Chrysler hired law firm Jones Day as bankruptcy counsel, an indication that it anticipates further financial distress shoud it not receive federal aid.
- The Treasury Department is working on a plan to boost the housing market by subsidizing 30-year home mortgages with rates as low as 4.5 percent.
- The US urged China on Friday not to “roll back” the appreciation of its currency that has taken place over the last two years to prevent an even sharper economic slowdown.
- China has unveiled a long-awaited overhaul of its subsidized domestic fuel price regime on Friday in a move that could make petrol cheaper in the short term but allow for more predictable profits at its state-owned refiners.
- German manufacturing orders plunged in October after a record decline the previous month, pointing to a deepening recession in Europe’s biggest economy.
- Interest rates were slashed on a historic scale across Europe on Thursday as central banks reacted aggressively to the sudden and brutal deterioration in the economic outlook since the autumn.
- Late mortgage payments and the rate of home loans in foreclosure rose to record highs in the third quarter.
- Hartford soars on higher outlook lifting rest of the sector.
Sit Back, relax, have a nice coffee and start a profitable day, OP